To achieve more comprehensive utilization, subway muck was incorporated into expanded polystyrene (EPS) lightweight concrete, and composite sandwich wall panels were prepared with this concrete as the core material. The rheological properties of slurry were studied. Besides, the compressive strength, thermal conductivity and EPS beads areal distribution of EPS concrete were investigated. The results show that the addition of muck slightly increases the yield stress of slurry, but exhibits limited effect on the fluidity. With the increase of muck dosage, the plastic viscosity of slurry increases greatly, contributing to more uniform distribution of EPS. The dry density, compressive strength and thermal conductivity of EPS concrete decrease with the increase of muck dosage. EPS concrete with dry muck to cement mass ratio of 0.8 demonstrates the dry density of 857 kg/m3, the compressive strength of 4.16 MPa and the thermal conductivity of 0.231 W·m-1·K-1. The composite sandwich wall panel (silicon calcium board as panel) with dry muck to cement mass ratio of 0.8 reveals good bonding performance, and the areal density is 81 kg/m2, the compressive strength is 3.75 MPa, the softening coefficient is 0.83 and the fire resistance is greater than 1 h. All indexes meet the performance requirements for the composite sandwich wall panels in Chinese standard.